Bank of America Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price lowered by Bank of America from $48.00 to $41.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently weighed in on NOG. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Truist Financial upped their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Citigroup lowered their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Royal Bank of Canada reduced their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 13th. Finally, Morgan Stanley lowered their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.44.

Northern Oil and Gas Stock Down 1.3 %

Northern Oil and Gas stock opened at $29.82 on Tuesday. Northern Oil and Gas has a one year low of $26.60 and a one year high of $44.31. The stock has a fifty day moving average of $32.79 and a 200 day moving average of $36.79. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The stock has a market cap of $2.96 billion, a PE ratio of 5.80 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. As a group, sell-side analysts predict that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its board has approved a share buyback program on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 6.04%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 35.02%.

Insiders Place Their Bets

In other news, Director Bahram Akradi bought 40,000 shares of Northern Oil and Gas stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the acquisition, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. This trade represents a 2.47 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O’grady bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at $6,215,673.72. This represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently added to or reduced their stakes in NOG. California State Teachers Retirement System lifted its position in Northern Oil and Gas by 3.1% during the fourth quarter. California State Teachers Retirement System now owns 89,279 shares of the company’s stock valued at $3,318,000 after purchasing an additional 2,643 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Northern Oil and Gas by 13.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,956 shares of the company’s stock valued at $370,000 after buying an additional 1,201 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Northern Oil and Gas in the 4th quarter valued at about $1,128,000. GTS Securities LLC grew its position in Northern Oil and Gas by 238.2% in the fourth quarter. GTS Securities LLC now owns 22,318 shares of the company’s stock worth $829,000 after acquiring an additional 15,718 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new position in Northern Oil and Gas in the fourth quarter worth about $1,683,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.